How Performance Analysis Help to Employee Retention

 

 Employee Retention …

People leaving any organization can have a huge impact. It can affect team morale, impact productivity, and put a big dent in the organizational budget. Strong retention strategies, such as those supported by solid performance analysis, can greatly affect business success. These strategies must be present from the recruitment stage until new hires become established employees in the company.
Employee retention is a critical aspect of talent management because it promotes the growth and scalability of an organization. Hiring is costly, especially considering the time and resources a company spends to onboard and train a new employee. In fact, loosing talent is much more expensive than retaining it. 
More than the economic cost, losing an employee can also cause a shift within an organization,  decreasing employee morale. When an employee resigns, it can also mean that another team member loses a friend.

 

Performance Analysis  &  Retention

 Organizations can apply the following performance analysis strategies to boost their employee retention.

1) Start at the Recruitment Stage

 Retaining the employee means hiring the right talent at the onset through clear goals and objectives, the HR team should know if the candidate is the right fit for the company and its culture. Avoiding bias is critical. One effective approach to curb this is by using artificial intelligence to analyze candidates. 

Onboarding is a critical that can help ground the new hire in the culture and workflows of any workplace.

2) Track Employee Productivity

Assess employee performance through time tracking tools and measure output against the number of hours they’ve worked. This strategy allows you to determine each person’s current load, giving you an idea of the overall bandwidth of your employees. It can also help to surface employee preferences, strengths, and weaknesses, allowing you to assign tasks to the most suited individuals. As a result, they’re not overburdened and become happier and more connected employees.

3) Set Attainable Goals to Motivate Employees 

Each employee must have goals to keep them motivated. Setting and meeting small goals helps build focus, and knowing they are meeting expectations leads to feelings of satisfaction. Tracking employee progress and performance means managers will know how people and projects are coming along and can be sure to recognize staff achievements. This promotes engagement and assures staff they are a valued part of the team.

4) Have a Clear Mission Statement 

Employees are more connected when they understand what the company stands for, so it’s imperative that business leaders develop a clear mission statement and communicate it to the team. Staff should be aware of what the company is trying to achieve, and how that will be accomplished.

Be sure company mission statement is authentic and make it part of a flexible and supportive company culture.

Don’t let the efforts go to waste. Employees who choose to leave often take more than what company initially invested in them. Invest in the right systems, technology, and processes but more importantly, invest in your people.

 

References

Hom, P. W., Lee, T. W., Shaw, J. D., & Hausknecht, J. P. (2017). One hundred years of employee turnover theory and research. Journal of Applied Psychology, 102(3), 530–545. https://doi.org/10.1037/apl0000103

 Toward a Greater Understanding of How Dissatisfaction Drives Employee Turnover

30 Nov 2017https://doi.org/10.5465/3069441